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Fermi America said it secured more than 2 gigawatts of power generation capacity and advanced permitting for roughly 11 GW of future development as the company pushes to build out its massive Texas AI and power infrastructure campus, even as quarterly losses widened amid aggressive expansion spending.
The Dallas-based company, which trades as Fermi Inc.,reporteda net loss of $189 million for the first quarter of 2026, compared with a minimal loss in the year-earlier startup phase, driven largely by $134 million in non-cash share-based compensation and a $25 million debt extinguishment charge tied to repayment of its Macquarie term loan.
Fermi said it ended the quarter with $243 million in cash and restricted cash and secured $785 million in new equipment financing facilities during the period, including a $500 million facility backed by Mitsubishi UFJ Financial Group (MUFG).
The company is attempting to position itself as a large-scale private power supplier for artificial intelligence and hyperscale computing operators, a rapidly expanding segment as tech firms race to secure electricity for data centers.
Its flagship “Project Matador” campus in Carson County, Texas, spans more than 7,500 acres and is designed to eventually provide up to 17 GW of electricity through a mix of natural gas, nuclear, solar, battery storage and grid power.
During the quarter, Fermi obtained a roughly 6 GW Clean Air Permit from the Texas Commission on Environmental Quality (TCEQ), which it described as the second-largest permit of its kind in the United States, and filed for an additional permit covering another 5 GW of capacity.
Nuclear Regulatory Commission selected Project Matador for its Environmental Impact Statement pilot program aimed at accelerating advanced reactor licensing timelines.
Operationally, Fermi said it completed nearly five miles of natural gas pipeline infrastructure, connected both transmission systems for future grid interconnection, and received its first six Siemens SGT-800 gas turbines through the Port of Houston.
Chairman Marius Haas said the company is entering a new phase focused on securing a binding tenant agreement, managing liquidity, and accelerating commercialization efforts.
Fermi also said tenant discussions with hyperscalers, neo-cloud providers, and enterprise compute operators had intensified in recent weeks as demand for near-term AI power infrastructure continues to rise.
The company expanded its board from five to seven directors, appointed Robert Masson as interim CFO, and hired executive search firm Heidrick & Struggles to recruit a permanent chief executive officer as part of what it calls its “Fermi 2.0” strategic transition from startup to institutional-scale infrastructure developer.
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